U.S. Existing Homes sales increased more than expected for the month of February according to the monthly report produced by the National Association of Realtors. The NAR report showed that existing-home sales including single family homes, co-ops and townhouses increased 5.1 percent in February to a seasonally adjusted annual rate of 4.72 million units. Economic forecasts were predicting a decrease of 0.9 percent for the month following a 5.3 percent decrease in January.
On an annual basis February’s existing-homes sales, despite the increase for the month, are 4.6 percent February 2007’s sales pace of 4.95 million units.
The median sales price for existing homes was $165,400 in February. The median sales price has fallen from $195,800 in February 2008 while total housing inventory showed an increase in February by 5.2 percent to a total of 3.80 million homes.
NAR chief economist Lawrence Yun commented on February’s increase and how discounts are bringing buyers into the market, “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February.” Yun also talked about how sales in the western United States are turning around, saying “Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years.”
US Dollar mostly lower in Forex Trading today.
The U.S. dollar has been mostly lower today in forex trading against the other major currencies as stock markets have soared on details of the Obama Administration’s plan to buy up troubled bank assets. The Dow Jones Industrial Average has gained almost 400 points so far today while the Nadaq and the S&P500 have advanced approximately 75.00 points and 42.00 points, respectively.
The dollar, meanwhile, has been higher versus the euro, Japanese yen and the Swiss franc while falling against the Australian dollar, New Zealand dollar, Canadian dollar and the British pound.
The euro has declined versus the dollar today as the EUR/USD has fallen from its 1.3665 opening(00:00 GMT) to trading at 1.3628 in the afternoon of the U.S. trading session at 3:11pm EST according to currency data from Oanda.
The British pound climbed today as the GBP/USD has rose from its 1.4515 opening exchange rate to trading at 1.4552 usd per gbp. The dollar has advanced versus the Japanese yen and trading at 96.90 after opening at the day at the 96.39 exchange rate.
The dollar has fallen today versus the Canadian loonie as the USD/CAD trades at the exchange rate of 1.2271 after opening the day at 1.2330.
The dollar has gained against the Swiss franc as the USD/CHF trades at 1.1252 after opening at 1.1230 today while the dollar has also been weaker against the Australian dollar and New Zealand dollar. The AUD/USD trades at 0.7032 after a 0.6969 opening while the NZD/USD trades at 0.5704 today after opening at the exchange rate of 0.5651.
AUD/USD Chart – The Australian dollar advancing today versus the US dollar in forex trading.
